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2 months ago
Former JPMorgan trader Iksil links CEO Dimon to 'London Whale' losses
June 19, 2017 / 8:53 PM / 2 months ago

Former JPMorgan trader Iksil links CEO Dimon to 'London Whale' losses

JPMorgan Chase Chairman and Chief Executive James Dimon speaks during the Institute of International Finance Annual Meeting in Washington October 10, 2014.Joshua Roberts

(Reuters) - Bruno Iksil, the former JPMorgan Chase & Co (JPM.N) trader at the center of the "London Whale" trading scandal, has accused the Wall Street bank's Chief Executive James Dimon of laying the ground for the $6.2 billion loss.

In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan in London, also blamed senior executives at the bank. (bit.ly/2sjf2WS)

"The senior executives chose Iksil to work as a screen for them in late 2010", he said.

The Chief Investment Office (CIO), where Iksil worked, lost $6.2 billion in trading in 2012, hurting the bank's reputation.

"When the CIO of JPMorgan had lost $1 billion dollar, JPMorgan as a whole had made $4 billion for itself net of its CIO loss," Iksil alleged.

"The JPMorgan CIO lost in whole $6.3 billion which led to an ultimate profit at JPMorgan of more than $25 billion in 2012," he said on the website.

The bank had to pay more than $1 billion and admit to wrongdoing to settle U.S. and British probes into the losses.

JPMorgan declined to comment.

Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila

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